Letters to the editor
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STAR LETTER
I would like to respond to E Brown’s letter in the last issue of Mortgage Strategy headlined ’It’s clients who pay when brokers avoid dual pricing lenders’.
It’s important to understand that it’s not brokers’ fault and to take stock of the role we play. When a prospective client approaches me to arrange a mortgage, normally their overriding priority is that the deal is done.
They want a good deal and I make it clear at the first meeting that I work from a panel of lenders and can’t access every deal available in the market.
I explain that not all lenders support brokers and if my client wishes to go directly to a lender they are free to do so. Some do this and some subsequently try to come back.
Stick to the deals you can do and ensure service is superb. Provided your clients know the rules from the outset you will enhance your reputation
My job is to source a suitable deal with a lender that will allow me to be protected by my professional indemnity cover and I can be confident has a good chance of success.
I want to ensure a smooth process from enquiry to offer and then through to completion.
Fitting clients’ requirements to the available deals is not straightforward in this era of affordability-based lending and limited criteria.
Trying to offer a full advisory service from the entire marketplace - including deals you cannot get full details of or be confident of service - dilutes the role of brokers and ultimately cheapens us.
We run businesses that have client relationships at their heart. Without this we would not have businesses or make money, but we do have to make money.
You should stick to the deals you can do and ensure service is superb. Provided clients know the rules from the start you will enhance your reputation.
MIKE JONES
MICHAEL JONES MORTGAGES
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